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When debt is the problem, we are the solution.Fri, 09 Dec 2016 22:13:21 +0000en-UShourly1http://wordpress.org/?v=4.3Holiday Spending Stresshttp://www.consolidatedcredit.org/financial-news/holiday-shopping-stress-feel-pressure/
http://www.consolidatedcredit.org/financial-news/holiday-shopping-stress-feel-pressure/#commentsFri, 09 Dec 2016 11:00:55 +0000http://www.consolidatedcredit.org/?p=15227Research of the Week: Holiday Spending Stress Getting gifts is fun, paying for them is nearly impossible. Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week… The interesting studies This time of year, pollsters love to ask Americans how much they’re spending on the […]

Getting gifts is fun, paying for them is nearly impossible.

Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week…

The interesting studies

This time of year, pollsters love to ask Americans how much they’re spending on the holidays. This year, according to the National Retail Foundation, the average is a few cents over $935. But how do we feel about spending that much?

Two new studies – one by the credit bureau Experian and the other by SunTrust bank – tell us the same thing… Americans are not full of holiday cheer when it comes to spending.

The big results

SunTrust reports, “43 percent of Americans feel pressure to spend more than they can afford during the holiday season.” That’s up 4 percent from 2014, when SunTrust first posed the question.

The pressure those Americans feel is peer pressure. It’s the belief they need to buy expensive gifts or be judged as cheapskates by friends and family.

That might be why Experian’s results produced more uncomfortable stats. “Fifty-six percent of those surveyed say they spend too much during the holiday season, while 55 percent say they feel stressed about their finances during the holidays.”

The fascinating details

The leading cause of that financial stress is a willful disregard for budgeting, Experian says…

“The primary reason is that most consumers don’t create budgets and are unprepared to cover added expenses beyond gifts, such as postage costs, hostess gifts, gift-wrapping supplies and greeting cards. Failure to develop a budget (62 percent of survey respondents) is a main detractor from holiday enjoyment.”

SunTrust asked how financially stressed-out holiday shoppers deal with the stress. Sadly, 33 percent replied “eating” – which not only adds to your waistline but also your debt.

What you can do

It’s not too late to relieve the stress and the debt. Here are three easy steps…

Budget online. Sign up for a secure and easy-to-use online budgeting tool like Mint or Power Wallet. Both do the same thing: Let you tinker with your budgets at the click of a keyboard, instead of laboriously writing out pages or typing in computer spreadsheets.

Study up. Check out Consolidated Credit’s Holiday Survival Guide for a multimedia look at dozens of ways to save big.

It’s no secret that student loan debt holds many Americans back from homeownership. High debt levels throw off borrowers’ debt-to-income ratios, which delays mortgage approval. At the same time, high monthly student loan payments make it tough for borrowers to save effectively for a down payment.

Now, prospective homebuyers in Maryland have a new path to homeownership that also makes it easier to repay student loans. The program is called SmartBuy. It allows homebuyers to qualify for a mortgage even with the burden of student loan debt. It then provides a means to pay off that debt so Marylanders can finally get ahead.

Understanding SmartBuy assistance

Here is how the SmartBuy program works:

A homebuyer must make a down payment of at least 5% on the property.

The borrowers total student loan debt cannot equal more than 15% of the sales price of the home.

Once approved, the borrower receives a mortgage on the home through an eligible lender.

A second mortgage is financed at a 0% interest rate and the money is used to pay off the borrower’s student loans

The second mortgage is forgivable after 5 years.

As Lieutenant Governor Boyd Rutherford says, “With the launch of SmartBuy, Maryland is among the first in the nation to actively address student debt as an obstacle to homeownership.”

Homebuyers may only purchase home from a selection of properties that came to the state through foreclosure. There are currently 15 homes available. Prices range from $70,000 to $310,000. Maryland has allocated $10 million into SmartBuy, meaning the program has enough money for 40-50 households to participate.

“This is a revolutionary type of homebuyer assistance program,” says Maria Gaitan, Housing Director for Consolidated Credit. “If it proves successful, there is a strong possibility that other states could replicate the program, allocating a portion of their state’s homebuyer assistance funding for such programs over the next few years.

Identifying assistance programs that work

It’s important to note that SmartBuy, like many state government housing programs funded through the department of Housing and Urban Development (HUD) only has limited funds available. A HUD-certified housng counselor can help you identify and sign up for programs, increasing your chances of success.

“State and even municipal governments may have individual programs that can assist homebuyers with down payment and closing costs,” Gaitan explains. “Knowing which programs are available where you wish to buy can be extremely challenging. That’s why it’s in a buyer’s best interest to consult with a HUD-certified housing counselor. A counselor is versed in programs available in an area to help you identify the right assistance for your needs.”

If financial challenges are holding you back from homeownership, we can help. Call Consolidated Credit today at 1-800-435-2261 to speak with a HUD-certified housing counselor today.

]]>http://www.consolidatedcredit.org/financial-news/student-debt-repayment-home/feed/0iStock_000042601504_optFinancial Infidelity: Are You a Credit Card Spy?http://www.consolidatedcredit.org/financial-news/financial-infidelity-credit-card-spy/
http://www.consolidatedcredit.org/financial-news/financial-infidelity-credit-card-spy/#commentsMon, 05 Dec 2016 11:00:20 +0000http://www.consolidatedcredit.org/?p=15220Financial Infidelity: Are You a Credit Card Spy? If so, you got company – about 17 million other Americans. Republicans and Democrats have many differences. Here’s another: Republicans are nearly twice as likely as Democrats to spy on the credit cards statements of other people. That’s just one of the weird results from a new […]

If so, you got company – about 17 million other Americans.

Republicans and Democrats have many differences. Here’s another: Republicans are nearly twice as likely as Democrats to spy on the credit cards statements of other people.

That’s just one of the weird results from a new poll from CreditCards.com, which conducted telephone interviews with 827 adults. They wanted to see how many people have “snooped on the spending habits of someone with whom they share a credit card account.”

Almost half of the 86 million joint credit accounts in the U.S. are shared between spouses and partners. Most of the rest are shared between parents and children. Overall, 20 percent – 17 million people – “admit to sneaking a peek at another person’s spending” without them knowing about it.

“Republicans are almost twice as likely to spy on spending as Democrats,” the survey showed, by a margin of 25 to 14 percent. Regrettably, CreditCards.com didn’t explore the reasons for this. However, it did delve into the incomes of peekers…

The highest and lowest income brackets are equally likely to peek (24 percent). That includes annual household incomes of $75,000-plus and below $30,000, respectively. Just 14 percent of those with incomes between $30,000 and $74,999 have checked on another accountholder’s spending.

Is such spying morally wrong? Not according to Matt Schulz, CreditCards.com’s senior industry analyst.

“When you share an account with someone, it’s important to know what the other person is doing,” Schulz says. “Ideally, you’d talk frequently and openly with the other person, but if that doesn’t happen, checking in on your fellow accountholder’s spending can help you sniff out problems before they get out of control.”

Defining financial infidelity

Financial infidelity commonly refers to taking financial actions in secret without a partner’s knowledge, such as opening a secret credit card account. However, spying on a partner’s spending habits through a joint account is almost a type of reverse financial infidelity. And it’s one that Consolidated Credit president Gary Herman insists there’s no need for. Instead, couples need to be open and honest, having regular discussions about finance so there is no need for secret spending or snooping.

“Financial infidelity is a problem because you both need to be on the same page when it comes to achieving financial goals,” Herman says. “We’ve reported that 1 in 3 adults admit keeping money secret in a relationship. That can ruin not only your finances but your partnership.”

Herman suggests reviewing credit cards statements every month together, to ensure you’re following your budget. If you find yourselves with an alarming amount of debt, you can call a certified credit counselor at [PHONE_NUMBER] for a free debt analysis – which you can also do together.

Bad consumer credit penalties generated during the Great Recession continue to haunt consumers even now.

Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week…

The interesting study

The policy researchers at Urban Wire examined a random sample of credit records between 2001 and 2015. Now they’ve issued a report that confirms that “widespread credit blemishes may well be holding back our economic recovery.”

The big result

The study finds 16% of consumers with credit cards received at least one blemish on their credit between 2004 and 2015.

The fascinating details

Since negative credit information can remain on a consumer’s credit file for seven years or more, most consumers with blemishes still have low credit scores in 2015.

Almost 9% of adult consumers (22.8 million people) will still have a foreclosure or adverse public record on their credit file in 2018

9 million consumers who experienced a foreclosure between 2004 and 2015 still had a credit score below 620 in 2015.

1 million consumers who had an adverse public record credit penalty occur between 2004 and 2015 still had a credit score below 620 in 2015.

73% of those with foreclosure or public record penalties are between the ages of 29 and 59

The research also suggests that part of the reason foreclosures continue to haunt consumers is the long foreclosure process. Foreclosures are only reported for seven years from the date of entry – i.e. the date the foreclosure was filed. However, since the foreclosure process may take a few years, the negative item may not always drop off automatically. This is especially true with today with so many bottlenecks in foreclosure proceedings.

What you can do

“Understanding when negative information in your credit report expires is essential if you want to plan effective financial strategies moving forward,” says April Lewis-Parks, Financial Education Director for Consolidated Credit. “Since penalties aren’t always removed automatically on time, it’s up to you to make sure your credit file is correct.”

According to the Fair Credit Reporting Act most negative public records, including foreclosure, remain in your credit report for seven years from the date the motion was filed. However, information is not always updated promptly. Expired penalties can hang around and continue to drag down your credit even after the clock runs out.

If you’ve had a negative public record in the past few years, take the following steps:

Download free copies of your credit report from each credit bureau through com.

Keep in mind that each credit bureau maintains its own report, so you need to review all three to ensure accuracy.

Look at all negative items listed in your credit report.

Take note of when each item was incurred to calculate when it should be removed.

If a penalty has expired, file a dispute with the credit bureau who issued that report. You must write dispute letters to each bureau if the mistake appears in all of your reports.

When a dispute is successful, the credit bureau should send you a new copy of your credit report. This allows you to verify that the information was removed.

And remember…

“You may not have to wait for negative items to expire to reach your financial goals moving forward,” Lewis-Parks encourages. “The impact of negative information decreases over time. If you are a few years out from a penalty and you’ve been responsible with credit since, you may be able to get approved for financing even if the negative item still exists.”

For more information on negative credit information and how to dispute it, visit Consolidated Credit’s free All About Credit Guide.

]]>http://www.consolidatedcredit.org/financial-news/bad-consumer-credit-delays-recovery/feed/0Credit Report – Bad Credit – optFrom the Military to the Mediocrehttp://www.consolidatedcredit.org/financial-news/veterans-transition-to-boredom/
http://www.consolidatedcredit.org/financial-news/veterans-transition-to-boredom/#commentsWed, 30 Nov 2016 11:00:10 +0000http://www.consolidatedcredit.org/?p=15169From the Military to the Mediocre Veterans are finding civilian jobs, but they aren’t happy with the work. Hiring a military veteran isn’t a hard sell for many employers. Over the next 12 months, 37 percent of them will “actively recruit” veterans to work for them, says a new study from CareerBuilder. In the last […]

Veterans are finding civilian jobs, but they aren’t happy with the work.

Hiring a military veteran isn’t a hard sell for many employers. Over the next 12 months, 37 percent of them will “actively recruit” veterans to work for them, says a new study from CareerBuilder. In the last 12 months, the news is even rosier: 47 percent of employers have already hired a veteran.

Yet veterans aren’t saluting those numbers. Only 57 percent of veterans say “they are satisfied and enjoy their work,” CareerBuilder says. That’s down from 65 percent last year.

The reasons aren’t hard to figure…

Twenty percent report working in a low-paying job (up from 19 percent in 2015), and 22 percent say they are underemployed – working a job that is below their skill level (up 2 percentage points from 2015).

That’s probably because most of these veterans are working in customer service – 37 percent of them, in fact. Another 28 percent are in sales. The jobs that most fit with military service are way down the list…

Distribution & Logistics: 22 percent

Accounting/Finance: 20 percent

Business Development 16 percent

Research & Development: 14 percent

“Veteran hiring initiatives seem to be top of mind for the majority of employers,” says Rosemary Haefner, CareerBuilder’s chief human resources officer. “Our veterans bring a unique blend of discipline, leadership and problem-solving skills that employers would be foolish to pass up. But it’s also up to the employer to keep these workers involved and challenged to do their best work.”

Financial challenges facing veterans

It’s not just the low pay and lack of challenging responsibilities that bother veterans. Consolidated Credit president Gary Herman says many veterans are carrying serious debt.

]]>http://www.consolidatedcredit.org/financial-news/veterans-transition-to-boredom/feed/0military-1601672_1920Teaching Children about Money Can Be a Chorehttp://www.consolidatedcredit.org/financial-news/teaching-children-about-money-can-be-a-chore/
http://www.consolidatedcredit.org/financial-news/teaching-children-about-money-can-be-a-chore/#commentsMon, 28 Nov 2016 11:00:16 +0000http://www.consolidatedcredit.org/?p=15167Teaching Children about Money Can Be a Chore But if you make them work for it, children can learn a lot about finances. Do you make your children do chores? If so, you’re probably teaching them more than you’re paying them. That’s the conclusion of a recent study from Country Financial, and insurance and investment […]

But if you make them work for it, children can learn a lot about finances.

Do you make your children do chores? If so, you’re probably teaching them more than you’re paying them.

That’s the conclusion of a recent study from Country Financial, and insurance and investment firm. It found 68 percent of parents believe children should receive an allowance from completing chores – and it believes the other 32 percent should seriously consider it.

“Assigning kids chores and paying them for accomplishing their tasks is one way parents can teach their children about finances and the value of money, in a way that they can easily understand,” says Troy Frerichs, at Country Financial’s director of wealth management. “Paid chores also instill work ethic, impart an understanding of the value of money, and inspire financial independence.”

Whether it’s $5 or $10 mowing the lawn, cleaning the garage, or washing the dishes, chores have been teaching generations about responsible spending and saving – the survey also found 39 percent of today’s parents learned from their parents by being paid a pittance to do chores.

Core chore lessons

Consolidated Credit president Gary Herman even offers some advice for making chores not a chore…

Be consistent. “Don’t pay for chores based on your emotions at the moment. If you decide to add an extra dollar or two, make sure you emphasize that the work was done especially well or early.”

Keep to a schedule. “Just like parents go to a job every day, children’s chores should be scheduled weekly. This teaches not only the value of work, but the value of doing the work on time.”

Pay per chore. “Assigning a dollar figure to each chore will emphasize that you can’t let anything slide in this life if you want to be rewarded.”

Why is Herman so convinced that chores are good teachers? Because for the past two decades, he and his staff have counseled adults who have gotten too deeply into credit card debt – and many say they never learned how to be financially responsible when they were younger. Indeed, the Country Financial study found, “Nearly half of parents learned about money on their own.”

]]>http://www.consolidatedcredit.org/financial-news/teaching-children-about-money-can-be-a-chore/feed/0Teaching Kids about MoneyParents Are Overstuffing Their Kids’ Stockingshttp://www.consolidatedcredit.org/financial-news/bad-santa-overstuffed-stockings/
http://www.consolidatedcredit.org/financial-news/bad-santa-overstuffed-stockings/#commentsWed, 23 Nov 2016 11:00:03 +0000http://www.consolidatedcredit.org/?p=15161Bad Santa: Parents Are Overstuffing Their Kids’ Stockings Would you go broke to buy your children’s presents? Too many say, “Yes.” This holiday season, parents are being naughty about being nice. They plan to spoil their kids rotten, while spoiling their life savings at the same time. “Many parents are willing to overextend their finances […]

Would you go broke to buy your children’s presents? Too many say, “Yes.”

This holiday season, parents are being naughty about being nice. They plan to spoil their kids rotten, while spoiling their life savings at the same time.

“Many parents are willing to overextend their finances to fulfill their kids’ holiday wish lists,” concludes a new study from investment firm T. Rowe Price. The scariest statistic: “25 percent of parents have either taken from their 401(k)s or their emergency funds or taken a payday loan to cover holiday spending.”

Here’s the thing: T. Rowe Price estimates that if one of those parents is 35 years old and takes $500 out of their 401(k) to buy their children extra presents, it could easily cost them $6,000 by the time they retire.

Why would parents be willing to sacrifice their future to celebrate the present with presents? Because “53 percent of parents agree with the statement, I try to get everything on my kids’ lists, no matter how much it costs.”

Sadly, 56 percent will put all these costs on their credit cards – and 16 percent won’t pay off those balances till June or thereafter. That last stat concerns Gary Herman the most.

As president of Consolidated Credit, one of the nation’s largest and oldest credit counseling agencies, Herman has seen this scenario play out for more than two decades…

“Right after the holidays, we’re swamped with phone calls from parents who realize they can’t afford to pay for all the gifts they bought their children – and every month they carry a balance on their credit cards, they’re paying an estimated 15 percent interest,” Herman says. “On occasion, we hear from a parent who’s still paying off their holiday gifts from the previous year – which means they’ve gifted more to their credit card company than to their children.”

Then there’s the wisdom of buying your children everything they want. T. Rowe Price planner Marty Allenbaugh says parents hurt their children’s financial futures as much as their own when they overspend.

Turning holiday shopping into A teachable moment

“On top of the financial cost, there is also an opportunity cost that comes with checking off everything on kids’ wish lists,” Allenbaugh says. “Prioritizing wants and making trade-offs teach kids valuable money lessons that are missed if parents take an everything-or-bust approach to holiday shopping.”

Herman is a parent himself, and he concurs.

“Children learn as much by watching as by listening,” he says. “If you don’t stick to a budget, then your children are more likely to not budget themselves as they grow up.”

Alternately, if those children see their parents reach out for help with a nonprofit credit counseling agency with an A-plus rating from the Better Business Bureau, they may realize they never have to live a stressful life in debt – and they can buy their children everything they need, if not everything they want. Call [PHONE_NUMBER] for a free debt analysis from a certified credit counselor.

]]>http://www.consolidatedcredit.org/financial-news/bad-santa-overstuffed-stockings/feed/0iStock_000046198634_OPTU.S. Takes the Bronze in Credit Card Fraudhttp://www.consolidatedcredit.org/financial-news/credit-card-fraud-bronze/
http://www.consolidatedcredit.org/financial-news/credit-card-fraud-bronze/#commentsMon, 21 Nov 2016 11:00:03 +0000http://www.consolidatedcredit.org/?p=15157U.S. Takes the Bronze in Credit Card Fraud More than 1/3 of the world’s credit card fraud comes from the U.S. It’s a dubious honor, but one the U.S. now holds nonetheless. According to the Nilson Report Americans now represent 38.7% of credit card fraud worldwide. Total losses from credit card fraud reach $22.84 billion […]

More than 1/3 of the world’s credit card fraud comes from the U.S.

It’s a dubious honor, but one the U.S. now holds nonetheless. According to the Nilson Report Americans now represent 38.7% of credit card fraud worldwide. Total losses from credit card fraud reach $22.84 billion worldwide, with the U.S. accounting for $8.45 billion of that total.

What’s more concerning is that cases and losses caused by fraud only seem to be increasing. The number of fraud cases grew by 7.3% since last year and losses grew by 20.6%. Those financial losses were split up between $15.72 billion for card issuers and $6.12 billion for merchants and retailers. The majority of fraud cases come from counterfeit cards used in stores or at ATMs.

You might wonder what this means for new EMV chip credit cards that were designed to help prevent fraud. With all major issuers switching to EMV chip cards over the past year, it begs the question of why fraud cases are increasing. However, EMV chip cards accounted for only 2% of the total fraud cases reported. So while these new credit cards may be troublesome to adapt to for many consumers, the data seems to indicate that this technology works.

“Identity theft is a problem that affects us all. Statistics show about more than 7 in every 100 households has experienced some form of identity theft or fraud,” explains April Lewis-Parks, Financial Education Director for Consolidated Credit. “So while new technology on credit cards can be problematic for consumers to adapt to, the measures are worth it in the end if it protects card users.”

Tips for preventing credit card fraud

Credit users are at higher risk for fraud simply because they have more accounts that can potentially be accessed and used. If you use credit cards, then you need to take these steps to ensure you protect your accounts from unauthorized access and usage:

If all of your credit cards have not yet been updated to EMV chip cards, call the credit issuer to ask when they plan to upgrade to EMV

Follow best practices for of identity theft when shopping in stores or online.

Check your credit report at least once per year to ensure you recognize all of the accounts listed. Since counterfeit cards are a leading cause of fraud, you want to ensure no new accounts have fraudulently been opened in your name. Got to com to download a free copy of your credit report once per year; this is the government-mandated credit report site, so there are no strings attached.

]]>http://www.consolidatedcredit.org/financial-news/credit-card-fraud-bronze/feed/0creditfraudSavers, Spenders, and Lovehttp://www.consolidatedcredit.org/financial-news/love-and-money-spenders-savers/
http://www.consolidatedcredit.org/financial-news/love-and-money-spenders-savers/#commentsFri, 18 Nov 2016 11:00:38 +0000http://www.consolidatedcredit.org/?p=15153Research of the Week: Savers, Spenders, and Love Don’t let money ruin your relationships. Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week… The interesting study Everyone knows couples fight about money. But what happens when young lovers first meet? What role does money […]

Don’t let money ruin your relationships.

Each week, Consolidated Credit searches for financial research that can help you deal with your debt and budget. This week…

The interesting study

Everyone knows couples fight about money. But what happens when young lovers first meet? What role does money play? That’s what the investment firm TD Ameritrade wanted to know when it conducted its annual Millennials and Money Survey.

The big result

When it comes to love and money, opposites don’t necessarily attract – and when they do, it can be a volatile combination.

TD Ameritrade interview more than 2,100 adults and asked them to identify themselves as a “spender” or “saver.” Not surprisingly, around 60 percent of men and women who called themselves savers sought spouses who also were good at saving. The big reason was obvious: “One benefit 6 in 10 Savers noted for being married to another Saver is that it prevents arguments.”

What about those who called themselves spenders? Men and women acted very differently: “A majority of Spender women (59 percent) married a Saver spouse, as opposed to 39 percent of Spender men with a Saver spouse.”

The fascinating details

As you might expect, Millennials and Baby Boomers have different ideas about love and money…

“Two-thirds of Boomer Savers are married to Savers, compared to 52 percent of Millennial Savers”

“40 percent of Boomer Savers say they would not be happy in a relationship with a Spender vs. 23 percent of Millennial Savers.”

Even among Millennials, there’s a gaping gender gap when it comes to saving money. For instance, nearly two-thirds of women are saving for an emergency fund. Men? Only half.

What you can do

Well, one thing you shouldn’t do, according to experts, is break up with the love of your life just because they’re a spender.

“It’s more about attaining the right balance than finding an identical match,” says Matt Sadowsky, TD Ameritrade’s director of retirement. “It’s not critical that both spouses be spenders or both be savers. But it is critical that there is an open dialogue between the two.”

“If couples talk openly about not only how they spend, but what their lifelong goals are, then saving becomes a specific task instead of a general idea,” Herman says. “It’s much easier to resist the temptation to open your wallet when you want to have a child in the next year, or go back to college to enhance your career.”

Of course, Herman has also seen the flip side: Spenders luring savers to the dark side.

“Without that honest money conversation and at least some basic budgeting, savers run the risk of giving into their spending spouses,” Herman says. “The results can be devastating. I’ve seen it for myself these past two decades here at Consolidated Credit. Luckily, we have the experience to not only get these couples out of debt, but keep them out of debt in the future.”

]]>http://www.consolidatedcredit.org/financial-news/love-and-money-spenders-savers/feed/0iStock_000008438705_OPTFinally, Some Good News about Holiday Shoppinghttp://www.consolidatedcredit.org/financial-news/good-news-about-holiday-shopping/
http://www.consolidatedcredit.org/financial-news/good-news-about-holiday-shopping/#commentsWed, 16 Nov 2016 11:00:13 +0000http://www.consolidatedcredit.org/?p=15151Finally, Some Good News about Holiday Shopping A new study says we might not be seasonal spendthrifts. There’s no shortage of experts chiming in about our holiday spending habits. Last month, Consolidated Credit reported on the disturbing trend that holiday shopping season is now almost as long as the presidential campaign season. Now researchers at […]

A new study says we might not be seasonal spendthrifts.

There’s no shortage of experts chiming in about our holiday spending habits. Last month, Consolidated Credit reported on the disturbing trend that holiday shopping season is now almost as long as the presidential campaign season.

Now researchers at Synchronicity Financial are making some predictions that show Americans might finally be “motivated to manage the stress of the season and their budgets.” They recently polled 1,600 adult shoppers. While a third of us plan to spend a little extra this year than last, the reason is more encouraging: “55 percent are merrier about money and report a better household financial situation than last year.”

Still, they’re more eager than ever to save on their gifts. A record number (85 percent) are seeking out sales even now. In fact, 28 percent have been scouring for gift deals all year long. Even more importantly to Consolidated Credit president Gary Herman, 59 percent are setting a holiday budget, compared to 53 percent last year.

“That fills me with holiday cheer,” Herman says. “We’re always encouraging Americans to set a budget for all their expenses, but it’s not easy. Budgeting is important, but it’s also not the most enjoyable task. So I’m encouraged, because if a majority of Americans are setting a holiday budget, they just might see what a wonderful and worthwhile tool it is – and they’ll keep doing it year-round.”

If you’re looking for tips on how to save for the holidays, check out Consolidated Credit’s multimedia Holiday Survival Guide.